Acorda shares soar
-
- June
- 2
Shares of Acorda Therapeutics Inc. soared 29 percent today after the Hawthorne-based biotech company reported a promising trial of its multiple sclerosis drug.
The results of the trial showed that nearly 43 percent of the patients taking the medication, known as Fampridine-SR, walked faster compared to 9.3 percent of the patients taking a placebo, according to Acorda.
If the drug receives regulatory approval, it could one day make walking easier for the multiple sclerosis victims who deal with mobility problems. Multiple sclerosis is a chronic nervous system disease in which the immune system attacks nerve fibers in the brain and spinal cord. More than 400,000 Americans have MS. Most are between the ages of 20 and 50.
“With the success of this trial, we have achieved a critical milestone for Fampridine-SR,†said Ron Cohen, president and chief executive officer of Acorda.
The trial included 240 patients at 39 MS centers in the United States and Canada.
Acorda has been working on the development of the drug since the mid-1990s. That was when Acorda acquired the rights to the medication from Elan, a pharmaceutical company in Ireland.
Cohen said that the company has now successfully completed two trials of the medication that demonstrated improved walking ability for MS victims. Based on those results, Cohen said that the company plans to submit an application seeking regulatory approval of the medication during the first quarter.
Shares of Acorda surged $6.20 to $27.76 in early afternoon trading on the Nasdaq Stock Market.
This entry was posted
on Monday, June 2nd, 2008 at 11:48 am by Jay Loomis.
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